Bitcoin Cash has managed to overcome key trendline resistance, with the fifth-largest cryptocurrency advancing towards the $245.00 level.
Bitcoin Cash price analysis shows that the $198.00 level is a key weekly pivot for the cryptocurrency. Buyers will need to maintain price above this key level to keep short-term bullish momentum alive.
Bitcoin Cash medium-term price trend
Bitcoin Cash has been firming above the $200.00 level over recent days, as the BCH/USD pair tracks BTC/USD and the broader market higher.
The BCH/USD pair has pulled back from the $245.00 resistance level, although dip-buying still remains prevalent.
Bitcoin Cash technical analysis shows that the recent bullish bias remains intact while price trades above major trendline support, around the $198.00 level.
Gains above the $245.00 could see the BCH/USD pair rallying towards the $275.00 level and possibly the $310.00 level.
Failure below the trendline could result in a retest of the $145.00 and possibly the $130.00 level.
Bitcoin Cash short-term price trend
Bitcoin Cash technical analysis shows that the cryptocurrency is bullish over the short term while price trades above the $201.00 level.
The one-hour time frame continues to show that a large ascending triangle pattern has formed during the recent recovery.
The size of the pattern shows that a breakout above the $248.00 level could lead to a rally towards the $325.00 level.
Looking at the downside potential of the pattern, a break below the $180.00 level could see the BCH/USD pair testing towards the $130.00 support level.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis shows that a major breakout will occur once the $180.00 to $248.00 price range is broken. The $198.00 level is seen as a major pivot point.